China's premier says banks should curb lending

Discussion in 'Economy' started by Neubarth, Dec 27, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    China's premier says banks should curb lending - BusinessWeek

    BEIJING

    China's premier on Sunday rejected foreign pressure to let its currency rise and complained that trade protectionism by other governments was holding back the country's development.

    The complaint by Premier Wen Jiabao, China's top economic official, came as the plunge in consumer demand caused by the global crisis is aggravating disputes between China and trading partners including the United States and Europe over access to markets for tires, shoes and other goods
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    The fact of the matter is that China is in serious economic difficulty. I know they have been claiming that they are experiencing strong economic growth, but that is not the truth. They have over 200 Million unemployed and underemployed who are on state dole payments. China fears revolt in the areas most hard hit by the growing economic malaise.

    To confirm the actual state of affairs in China all you need to do is look at international shipping. Baltic Dry Index (BDI) or the Dry Shipping Index (DRYS) show you the truth about what is really happening in China and those countries that manufacture for export.

    China's economic growth is fueled by the manufacturing sector. Chinese factories require natural resources like iron ore, copper and oil in large quantities to keep their factories running.

    The international manufacturing economic situation is not pretty. Two recent upticks in the BDI in the past year were large Communist Chinese orders for commodities, such as food items and iron ore. They ordered the commodities so they could ramp production up, but now their end of production line products simply are not selling and China is blaming us for their economic problems. According to them, we need to buy more and stop imposing quotas of Chinese products.

    http://www.bloomberg.com/apps/cbuilder?ticker1=BDIY:IND

    http://finance.yahoo.com/q/bc?s=DRYS&t=2y
     
    Last edited: Dec 27, 2009
  2. Oddball
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    Oddball BANNED Supporting Member

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    Maybe we could send Baghdad Ben over there to straighten them out. :rolleyes:

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  3. Neubarth
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    Neubarth At the Ballpark July 30th

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    They have a lot of Baghdad Ben types already. Totalitarian Government always has plenty of people who will spew propaganda for the stupid trusting masses to believe. Eventually when the people get fed up with all of the lies, they revolt. That could happen in the United States pretty soon.
     

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